Tata Power Looking To Raise $500 Million for Renewables Unit in India
Tata Power is in talks with large pension and sovereign asset managers, including Canada Pension Plan Invest Board (CPPIB) and Government of Singapore Investment Corp. (GIC), to raise at least $500 million ahead of a planned initial public offering (IPO) by its renewable energy unit.
Negotiations are entering the formal stage just after the salt-to-steel conglomerate announced that it was raising $1 billion from investors, including TPG, by selling a minority stake in the electrical vehicle (EV) unit of Tata Motors.
Some bulge-bracket funds from the US and sovereign funds from the Middle East are also exploring investments in Tata Power Renewables, people with knowledge of the matter told ET.
Photo courtesy of kAz.
Source: The Economic Times (link opens in a new window)
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